Key Insights
- XRP’s market cap surged past $182 billion after a 28% weekly price rally in just a week.
- Over $13 million in liquidations occurred on Wednesday alone, mainly from short positions.
- Institutional interest and rising ETF odds are pushing XRP’s momentum towards $15.
XRP market cap has rocketed past $182 Billion. It is one of the most impressive moves within the crypto space this year.
The cryptocurrency has increased by around 28% over the last week and has overtaken major competitors. XRP is now the third-largest crypto asset by market cap, with the latest rally triggering fresh excitement.
Why XRP Market Cap Is Soaring?
XRP’s recent performance is hard to ignore. Over the past week alone, the token has outperformed Bitcoin and Ethereum. It has also drawn attention from retail and institutional investors.
According to CoinMarketCap, the XRP market cap reached $191 billion, up from $140 billion a week earlier. This massive leap places the cryptocurrency firmly behind only Bitcoin and Ethereum.
However, along with this growth came a wave of liquidations. Coinglass data shows that $13 million of liquidations happened on Wednesday alone.
Expectedly, out of the total liquidations, $10 million came from traders with short positions. This shows how unexpected the rally was, with XRP trading at $3.3, increasing the XRP market cap.
Trading Volume and Investor Sentiment Reach New Highs
XRP’s trading volume has exploded alongside its price, after hitting $8.45 billion in the last 24 hours alone. This rise in volume indicates that interest from all sides of the market has returned. Not only are individual traders jumping in, but institutional players are also entering the scene.
Further Coinglass data shows that XRP’s futures open interest recently hit a record $8.1 billion. This means more investors are taking long-term positions in the derivatives market. This is very encouraging for the asset’s future upward.
This level of growth is evident in other asset classes within the Ripple ecosystem. With this, the company’s RLUSD stablecoin recently hit a market cap above $517 million.
Technical Patterns Suggest a Push Toward $5–$7 & more XRP Market Cap Rise
According to the charts, XRP had been forming a tightening wedge pattern. Resistance is near $2.94, and higher lows are around $2.85. This means the current break above the $3 mark has marked a transition from accumulation to distribution.
XRP market cap could see a major boost as momentum drives the price toward $3.50 in the short term. If bullish trends continue, XRP might hit $5 by year-end, signaling strong growth.
This target represents a 60% upside from current prices. Moreover, it would also be a stepping stone for a $15 valuation, assuming encouraging ETF capital flows in.
Analysts See ETF Approval as Likely
ETF experts Eric Balchunas and James Seyffart from Bloomberg have encouraging odds of an incoming ETF approval. Both analysts believe there is a +90% probability of a spot XRP ETF being approved soon.
Historically, asset prices tend to dip on immediate ETF approval. The behaviours of Ethereum and Bitcoin were the same in January and June of last year.
If XRP sees a new ETF approval, it could experience a small correction in price and XRP market cap. Also, the cryptocurrency could behave similarly to Bitcoin in a post-ETF rally.
Analysts believe this could drive XRP’s market cap beyond $300 billion, surpassing its current size. This, of course, would push prices towards $15.
Overall, XRP’s journey to $15 won’t happen overnight and certainly isn’t guaranteed. However, the stars are beginning to align with ETF approvals, which looks more likely, and price action remains encouraging.
A sustained move above $3 toward $5 would mark a massive milestone. Also, the XRP could be on its way to massive highs.
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